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Trading à haute fréquence et régulation économique, un arbitrage inéluctable entre stabilité et résilience des marchés financiers

Abstract : Over the past decades, high-frequency trading (HFT) has sharply increased in US and European markets. HFT represents a major challenge for regulatory authorities, partly because it encompasses a wide array of trading strategies (AFM (2010); SEC, 2010), and partly because of the big uncertainty yet surrounding the net benefits it has for financial markets (Lattemann and al. (2012); ESMA (2014); Aguilar, 2015). Furthermore, although HFT has been indicated as one potential cause of extreme events like flash crashes, no consensus has yet emerged about the fundamental causes of these extreme events. Some countries’ regulations have already accounted for HFT,[1] but, so far, this has led to divergent approaches across markets and regions.
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https://hal-sciencespo.archives-ouvertes.fr/hal-03471731
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Submitted on : Wednesday, December 8, 2021 - 11:38:37 PM
Last modification on : Thursday, August 4, 2022 - 4:56:44 PM

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Sandrine Jacob Leal, Mauro Napoletano. Trading à haute fréquence et régulation économique, un arbitrage inéluctable entre stabilité et résilience des marchés financiers. 2018. ⟨hal-03471731⟩

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